November 11, 2019
WELLESLEY, Mass., Nov 11, 2019– With the growing environmental concern, people are changing their perspective and investing in eco-friendly vehicles. This has initiated the rise of hybrid electric vehicles, plug in hybrid electric vehicles and now finally the pure electric vehicles that have become commercially available, according to a report by BCC Research, “Electric Vehicles and Fuel Cell Vehicles: A BCC Research Overview.”
The market expects to see a compound annual growth rate (CAGR) of 14.1% through 2024, when it could be worth $183.7 billion.
“Thanks to plug-in-hybrid electric vehicles, pure Electric vehicles have now become commercially available. This has helped many new companies enter the electric vehicle market, "writes BCC analyst, Donald Saxman. “With the rise in the market, the existing companies are investing in research and development activities and manufacturing better vehicles.”
The Electric Vehicle Industry is Booming
The electric vehicles market is expanding rapidly across the globe in major countries, especially in China, United States, India and in European countries. It is estimated that an increase of 5.1 million electric vehicles were added in 2018. Out of them, the passenger cars have the significant increase compared to the previous years and is expected to remain so in the forecasted duration.
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Electric Vehicles and Fuel Cell Vehicles: Global Markets to 2024( FCB040C )
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